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The World's Leading Nutrition, Health and Wellness Company Annual

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The World's Leading Nutrition, Health and Wellness Company Annual The World’s leading Nutrition, Health and Wellness Company Annual Report 2011 Our objective is to be the recognised leader in Nutrition, Health and Wellness and the industry reference for financial performance Table of contents 2 Letter to our shareholders 30 Financial review 6 Corporate Governance 31 Principal key figures (illustrative) and Compliance 32 Overview Board of Directors of Nestlé S.A. 42 Management responsibilities: 7 Executive Board of Nestlé S.A. Continuing operations 11 The Nestlé Roadmap to 44 Leading positions Good Food, Good Life in dynamic categories Four competitive advantages 46 Geographic data: Four growth drivers people, factories and sales 12 Four operational pillars 48 Shareholder information 13 2011 Highlights 16 Innovating in Nutrition, Health and Wellness 20 Growing with emerging consumers and PPP globally 26 Adding value through innovation and premiumisation Accompanying reports Creating Shared Value Corporate Governance Report 2011 Summary Report 2011 2011 Financial Statements The brands in italics are registered trademarks of the Nestlé Group. Key figures (consolidated) Continuing operations In millions of CHF (except per share data) 2010 2010 2011 Sales (a) 93 015 87 906 83 642 Trading operating profit (a) 14 832 12 676 12 538 as % of sales 15.9% 14.4% 15.0% Profit for the period attributable to shareholders of the parent (Net profit) 34 233 8 777 9 487 as % of sales 36.8% 11.3% Equity attributable to shareholders of the parent before proposed appropriation of profit of Nestlé S.A. 61 867 56 797 Market capitalisation, end December 178 316 171 287 Operating cash flow 13 608 11 724 9 763 Free cash flow(b) 7 761 4 491 Capital expenditure 4 576 4 384 4 779 as % of sales 4.9% 5.0% 5.7% Net financial debt 3 854 14 319 Ratio of net financial debt to equity (gearing) 6.2% 25.2% Per share Total basic earnings per share CHF 10.16 2.60 2.97 Underlying (c) CHF 3.32 3.08 Dividend as proposed by the Board of Directors of Nestlé S.A. CHF 1.85 1.95 (a) 2010 restated following the changes in the Income Statement described in the Consolidated Financial Statements: Note 1 – Accounting Policies. (b) Operating cash flow less capital expenditure, disposal of tangible assets, purchase and disposal of intangible assets, movement with associates as well as with non-controlling interests and other investing cash flows. (c) Profit per share for the year attributable to shareholders of the parent before impairments, restructuring costs, results on disposals and significant one-off items. The tax impact from the adjusted items is also adjusted for. Growth highlights Innovation drives organic growth in developed markets Developed markets* Developed markets* France 60% +4.3% +6.4% of Group sales organic growth Japan Portugal, Italy, Spain, Greece North America +3.6% +3.7% +2.5% Billionaire brands enhance organic growth globally +7.7% in total +11% +18 % +13 % +22% +11% +11% +10 % Enhanced distribution and innovation capture organic growth in emerging markets Emerging markets* Emerging markets* Africa 40% +13 % +18 % of Group sales organic growth Greater China Region India Mexico +23% +20% +14% * Developed markets and Emerging markets organic growth are for total Nestlé. The country numbers are for the Zone responsibilities only. Group highlights Strong 2011 operating performance. Strategic investments for growth The Nestlé Model achieved in 2011 Group sales Organic growth CHF 83.6 billion 7.5% Trading operating profit Trading operating profit margin CHF 12.5 billion 15.0% Net profit Operating cash flow CHF 9.5 billion CHF 9.8 billion Underlying earnings per share Return on invested capital +7.8% 14.1% including goodwill constant currencies 30.3% excluding goodwill The Nestlé commitment to Net cash returned to shareholders Proposed dividend per share shareholder value creation CHF 10.7 billion CHF 1.95 +5.4% CHF 5.9 billion through dividend CHF 4.8 billion through share buy-back Strategic investments: Partnership with Partnership with for emerging markets Hsu Fu Chi Yinlu in China in China Strategic investments: Launch of Creation of for Nutrition, Health and Wellness Nestlé Nestlé Institute of Health Science Health Sciences 2012: We have continued to invest for the We are therefore well positioned in to be another challenging year future and strengthen our capabilities 2012 to deliver the Nestlé Model of across the world. Our people are organic growth between 5% and aligned behind our strategic roadmap, 6% as well as an improved margin which is as relevant in today’s new and underlying earnings per share in reality as ever, to drive sustainable constant currencies. performance improvement. Nestlé Annual Report 2011 1 Letter to our shareholders Fellow shareholders, develop science-based personalised nutrition solutions to chronic medical conditions. Alongside Nestlé Health Recent years have been characterised by a whole host of Science, we have created the Nestlé Institute of Health events, ranging from the dramatic to the unprecedented. As Sciences, headquartered at the Swiss Federal Institute of one would expect, headlines have tended to focus on the Technology (EPFL) in Lausanne, to spearhead biomedical disruptive, the shocking and the negative. The reality is more research into health and disease as influenced by genetics, balanced. Of course there are new challenges, but there are metabolism and environment, with the goal of translating also new opportunities. What is different today is the speed this knowledge into personalised science-based nutrition. and unpredictability of change, whether new challenges or In only its first year Nestlé Health Science, with new opportunities. We think of this as the New Reality. annualised sales close to CHF 2 billion, has already made The New Reality is characterised by political upheavals, three investments. The first, the acquisition of Prometheus economic uncertainty, lacklustre growth in developed Laboratories Inc., took it into diagnostics and the therapeutic markets, high levels of volatility in commodity, currency gastrointestinal and oncology business. The others were and stock markets… but also by dynamic growth in products targeting specific disorders and diseases. emerging markets, increasing affluence, step changes One responsibility of leadership is to be a pioneer. It in technology and digital communication, new markets is our intention that through the creation of these two and new ways to reach consumers and, indeed, by organisations we can contribute to addressing the global increasing numbers of consumers. issues around chronic diseases and spiralling healthcare More today than ever, if companies are to succeed, they costs from the perspective of nutritional science and need to understand the changing context in which they are personalised nutritional solutions. operating. This context can be very different in different Following the creation of Nestlé Health Science, the parts of the world, which we believe gives decentralised Nestlé approach to Nutrition, Health and Wellness can be organisations such as ours a competitive edge. Companies summarised as having three elements: to pioneer ways also need a concise strategy, firm values and aligned to address critical illness through personalised nutritional principles. Together, these create a framework that enables solutions (Nestlé Health Science), to address consumers’ them to be accountable, aligned, fast and entrepreneurial specific nutritional needs (through Nestlé Nutrition) and to wherever they operate. Nestlé has this framework in the offer consumers healthier and tastier choices throughout the form of its strategic roadmap, which we have discussed day (through the rest of our Food and Beverages business). with you over the last few years. We have highlighted some Our aim is to enhance the quality of consumers’ lives, and aspects of the roadmap later in this report. these three elements enable us to do so throughout their Regardless of the shorter term challenges that a company lives, from morning to night. faces every year, a core value at Nestlé is to deliver short The emerging markets are populated by billions of people term performance whilst remaining focused on the longer who share the objective of living better lives. This is an term. This was encapsulated in 2011 by our delivery of the incredibly dynamic catalyst for growth and development, Nestlé Model of financial performance whilst also investing both individually for people and collectively for the countries in longer-term growth platforms. Strategic initiatives where they live. We have a deep rooted presence and about included the creation of Nestlé Health Science, two major 40% of our sales in emerging markets. We want not just partnerships in China, and significant investments in Russia, to exploit our own capabilities to share in the development India and many African and Latin American countries. of these countries, but also to become a truly local player Also, we have continued to invest in Western Europe and by learning from local capabilities and participating in local North America for increased capacity to support winning culinary and nutritional traditions. innovations in categories such as PetCare, Soluble coffee In China, for example, we signed two partnerships, and Culinary. acquiring 60% of both Hsu Fu Chi and Yinlu. Including Nestlé Health Science began operations on 1 January 2011 these businesses, we would have had about CHF 4.5 billion as a separate company within Nestlé to pioneer a new of sales in China in 2011. Both businesses have strong market between food and pharmaceuticals. It is aiming to brands that are part of the Chinese landscape. Hsu Fu Chi 2 Nestlé Annual Report 2011 “Regardless of the shorter-term challenges that a company faces every year, a core value at Nestlé is to deliver short-term performance whilst remaining focused on the longer term.” Peter Brabeck-Letmathe Chairman Nestlé Annual Report 2011 3 makes sugar confectionery, packaged snacks and sachima, a traditional Chinese snack. Its products are tailored to Chinese consumers’ needs and habits.
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